Buyer Beware

Have you done your

There is a lot more to Due Diligence than getting a Building and Pest Inspection performed. Careful and thorough checking of anything that could affect you and the desired property takes time and effort. It is very important you take the necessary steps to identify any obligation and restriction issues regarding the property you are looking at to purchase and judging whether these will be a deal breaker for you. The Vendor’s Statement (Section 32) and Title do outline important information however, there are some additional things you are encouraged to check out for yourself

The Local Council is a good place to start. They can give you advice on:

  • Zoning Types and their regulations – for example Green Wedge, Farming, Residential
  • Overlays – these relate to specific aspects of the land, including vegetation, erosion or bushfire risk
  • Planning Schemes – check how the land can be used, altered, developed
  • Construction of new dwellings – the land may need to be over a certain size before you are able to build on it
  • Proposed or issued planning permits in the area – building permits issued for recent building works on the property
  • Growth Areas – you may need to pay a fee to contribute to infrastructure in growth areas
  • Flood and Fire Risk Areas – due to the properties location, it may be subject to risk of fires and/or floods which may increase the building and land insurance premiums
  • Restrictions and regulations on clearing of native vegetation
  • Your obligations when it comes to controlling pests and management of weeds

Your Lifestyle expectations will also need to be considered such as the driving distance to amenities, what is the land surrounding the property used for, the amount of traffic, noise, dust or odour.

It is also recommended you physically check the land boundaries against the measurements shown on the property title document and contact your lawyer or conveyancer if there are any discrepancies.

Checking the cost of connecting utilities and essential services such as water, sewerage, electricity, gas, telephone and internet should also be undertaken as in some rural areas these may not be available.

One Agency Robert Mure hopes you can use this information as a starting point to helping you make a more informed decision and, of course, you should always seek legal advice. The old saying, “Caveat Emptor” or “Let the Buyer Beware” is always relevant when considering purchasing a property.

                              email: kooweerup@oneagency.com.au                    web: oneagencykooweerup.com.au

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